Gas prices could spike amidst Hurricane Harvey devastation

Massive flooding from Hurricane Harvey has affected the oil and gas industry in Texas and triggered a spike in fuel prices. Natural gas saw a dramatic increase in price in 2005 and 2008, he said.

Hurricane Harvey is sending pump prices higher for US motorists and causing temporary shifts in the flow of oil and gasoline around the world after taking down a huge chunk of USA refining capacity.

Average gasoline prices across Georgia have risen 11.8 cents per gallon in the past week due to hurricane Harvey temporarily closing down oil refineries in Texas. Including the change in gas prices in Sacramento during the past week, prices yesterday were 34.0 cents per gallon higher than the same day one year ago and are 7.5 cents per gallon higher than a month ago. "Prices will likely rise almost countrywide heading into Labor Day". Some analysts believe the increase could be 10 to 20 cents per gallon, though it would probably fall again as refining capacity comes back online.

According to AAA Kansas, gas prices have been on the rise for the past week to 10 days. That's considerably lower than the national average of $2.40. These blends are less expensive to produce and could therefore help to curtail extreme price increases at the pump.

In the Capital Region, the immediate affect on gas prices has been a little less than it has been nationally, since there is significant gas inventory in the Northeast. As a result, if refineries restart and crude oil and employees can get to them, they is enough product to refine. "It's still really early to tell what this is going to mean for long-term supply", said Denton Cinquegrana, chief oil analyst at Oil Price Information Service, of the shutdowns.

The devastation of Hurricane Harvey continues to grow, with some 30,000 people displaced, 30 confirmed dead and a second landfall near the Texas-Louisiana border on Wednesday morning.

It could take two weeks or longer before big refineries in the Houston area can recover from a record-setting deluge and resume normal operations. But with prices expected to remain high for an extended period, budget-conscious drivers might need a few strategies to reduce costs. If Texas refineries are down for an extended period of time, the national average could climb above $2.50 a gallon, the highest price since August 28, 2015.

Share

Related Articles

She and husband Kanye West never intentionally sleep in separate beds, but their bed is so big they can each have their own space. Only Kim Kardashian West could turn Camelot into Kamelot. "I mean, I don't know if it's because she's the older sister".

LSU did not learn until Wednesday before the game that it would host the Gamecocks rather than travel to Columbia. NOLA.com reports game organizers reached out to several stadiums across the southeast about hosting the game.

Fitbit helps people lead healthier, more active lives by empowering them with data, inspiration and guidance to reach their goals. To compete with Apple Watch , Fitbit acquired payment startup Coin past year and introduced an NFC chip with Ionic .

The Moroccan driver, Younes Abouyaaqoub, fled the scene after the attack but was later declared to have been shot dead by police. A total of 24 people are in hospitals, 20 people from the attack in Las Ramblas and four from the attack in Cambrils.

A ruling by the International Court of Justice in 2014 against Japan's whaling has been skirted by a revised kill quota. Japan has continued to hunt whales, despite an International Whaling Commission moratorium that began in 1985.

As previously reported, in the German city of Reutlingen unknown man killed a woman and wounded two other people with a machete. The investigation that led to the convictions also caused prosecutors to believe the nurse had killed many more patients.

But he implored him to stop saying so publicly, according to transcripts of the January 27 call obtained by The Washington Post . Now he has threaten to shut down the government if Congress doesn't give him money to pay for the wall.

Wade then made the inexplicable call not to challenge his LBW dismissal despite Australia having two reviews to spare. Only Soumya Sarkar, who rashly holed out to a juggling Usman Khawaja at long-on off Ashton Agar , had fallen for 15.

USA airstrikes block evacuation of Islamic State militants
Critics inside Lebanon say Hezbollah's involvement in Syria inflamed sectarian tensions at home and brought jihadists to the door. The transfer of the militants marks the first time the Islamic State group has negotiated a forced evacuation for its fighters.

Destiny 2 beta weighs 16GB on the PC
After making some adjustments after the Destiny 2 console beta , developer Bungie has launched the Destiny 2 PC beta on August 28. PC players who have been longing to jump into some Destiny action will be happy to know that Destiny 2 is worth the wait.

Murray pulls out of US Open due to hip injury
Tried obviously, resting, rehabbing, to try and get myself ready here. "Unfortunately, I won't be playing here this year". Sam Querrey switches to Cilic's position with Philipp Kohlschreiber slotting in where Querrey was originally.

When: Solar eclipse on August 21, 2017
Even the President took a few minutes to don a pair of eclipse glasses. "It's a once in a life time experience", Burritt said. Unless it was rainy and cloudy, there was a good chance you'd see at least a partial eclipse somewhere in the country.

ACLU Suing Trump Over Transgender Military Ban
The authors of the study concluded that allowing transgender personnel to serve openly will have "minimal impact on readiness". Estimates of the total number of transgender troops in the US military range from just over 1,000 to more than 10,000.

Samsung Galaxy Note 8 vs Apple iPhone 7 Plus: the weigh
The dual rear lenses on the Note8 both have optical image stabilisation (aka the tech that allows you to take less blurry photos). Also, the Note 8 supports the Gear VR headset and DeX station for using your phone as the brain of a desktop PC-like experience.

Avocados among first Whole Foods products to get cheaper
Whole Foods co-founder and CEO John Mackey said the market has been on a mission to bring the highest quality food to customers. Conventionally grown bananas were also priced higher at Ralphs: 59 cents a pound, against 49 cents at Whole Foods.

McGregor more than a handful concedes Mayweather
Let me wobble to the corner and make him put me down. "I guaranteed to everybody that this wouldn't go the distance". Mayweather's 10 round stoppage means he retires with a ideal 50-0 record, edging Rocky out of the record books.